ROS (Revenue Online Service) deadline approaching

  • For making tax relievable pension contributions

 

Making tax relievable pension contributions

 

Making tax relievable contributions to your pension  fund is an easy and effective way to help you achieve your financial goals.

The ROS (Revenue Online Service) tax deadline to make contributions against 2019 earnings is approaching, so now may be a good time make a contribution and claim up to 40% tax back. The deadlines is 10th December 2020 if you pay and file your returns online through ROS. The amount of tax relief you can get on your contributions depends on your age:

 

 Age in Tax Year Maximum Contribution as a % of Earnings/Relevant Earnings1
 Under 30 15%
 30-39 20%
 40-49 25%
 50-54 30%
 55-59 35%
 Over 60 40%

Source: Revenue.ie

Contributions must be paid to your pension fund and returns must be filed with Revenue on or before the deadline above. Other criteria for eligibility also apply.

1 Earnings/ Relevant Earnings: Earnings from a self-employed trade or profession assessable under Schedule D or remuneration from an office or employment assessable under Schedule E, subject to a cap of €115,000 for 2019 which may increase at a rate determined by the Minister for Finance.  There are complex rules defining earnings and relevant earnings for pension relief purposes.


In some situations tax relief on contributions in excess of the limits can be carried forward and relief is granted in future years.

 

If you would like more information or to find out if you can make a contribution, please contact us at 01 614 3311 or email pensions@davyselect.ie

 

 

We conduct an initial no obligation discussion to explain the pension solutions available to you.

Call us on 01 614 3311 or email pensions@davyselect.ie

Detailed criteria must be satisfied in order for a pension contribution to qualify for tax relief.  The tax information contained herein is based on Davy’s current understanding of the tax legislation in Ireland and the Revenue interpretation thereof. It is provided by way of general guidance only and is neither exhaustive nor definitive and is subject to change without notice. It is not a substitute for professional advice. You should consult your tax advisor about the rules that apply in your individual circumstances. Davy is not responsible for the interpretation of this information and any submissions made by you or a third party on your behalf thereon.

Warning: This information is based on Davy’s understanding of current tax legislation in Ireland and is subject to change without notice. It is intended as a guide only and not as a substitute for professional advice. You should consult your tax adviser for the rules that apply in your individual circumstances.